Byju’s to pay the entire $1.2 billion loan to its lenders

Within three months, Byju is willing to pay $300 million of the distressed debt in almost three months. 

India’s largest ed-tech company Byju’s was launched in the year 2015. Ravindra Byju even launched a learning Application named Byju’s Math Application for Kids and even a connect Application for parents. 

By 2018, This firm reached 1.5 million subscribers and more than half of the stated number were paid, In this year only Byju became India’s first Unicorn. Further, it even reached many non-metros and rural cities. 

Recently, due to a long delay in Byju’s financial statements and some concerns hovering about its corporate governance which led various investors dropped from its board. The investors included Chan- Zuckerberg Initiative, Sequoia Capital India, and Naspers Ventures.

If this amendment is accepted Byju’s is willing to pay the distressed debt within three months and the remaining amount later in the next three months.

This news has been stated by Bloomberg on Monday, where the company offered to pay back the entire sum of $1.2 billion. 

Byju and its lenders have been locked in a year-long dispute as they struggled to reach a consensus on renegotiating the terms of their substantial loan agreement. This loan is one of the largest ever secured by a startup globally. The situation intensified when the company opted to forgo an interest payment, further exacerbating the underlying conflict and contributing to its mounting financial challenges.

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